MacDonald Mines Exploration Ltd. (TSX-V:BMK) ("MacDonald Mines",
the "Company", or “BMK”) announces that it has completed its
Trenching and Sonic Drilling Programs that were designed to assess
the extend of the Oxide Sands trend at its Holdsworth Gold Project.
Quentin Yarie, President and Chief Executive Officer of
MacDonald Mines stated, "Our Trenching Program has demonstrated the
extensive length of the Oxide Sands which remain open along strike.
The program also enabled us to identify key visual and chemical
attributes of the precious metal-rich units in the soil formation.
We expect pending assay results from the remaining trenches and
drill holes to corroborate the visual cues from the material
sampled.”
The Company is currently awaiting results on 228 trench
samples.
Figure 1. Plan map of trenching locations
with gold AuEq
valueshttp://www.globenewswire.com/NewsRoom/AttachmentNg/e6f1df76-eba0-46d1-a245-1fd84f6c4658
Trenching Result Highlights to Date:
Trench ID |
SampleID |
From Depth(cm) |
To Depth(cm) |
Sample Length (cm) |
Au_Equ |
TR750-6 |
18182 |
18 |
71 |
53 |
5.64 |
TR750-6 |
18181 |
0 |
18 |
18 |
4.49 |
TR775-0 |
18202 |
0 |
28 |
28 |
6.53 |
TR775-7 |
18218 |
0 |
30 |
30 |
5.71 |
TR775S-9 |
260121 |
20 |
103 |
83 |
4.62 |
TR1000-2 |
260895 |
80 |
115 |
35 |
5.07 |
TR1025S-3 |
260072 |
0 |
75 |
75 |
5.25 |
TR1025S-4 |
260074 |
50 |
120 |
70 |
5.30 |
TR1050S-2 |
260085 |
10 |
75 |
65 |
7.65 |
TR1050S-3 |
260086 |
20 |
110 |
90 |
8.94 |
|
|
|
|
|
|
Completion of Sonic Drilling
ProgramThe 2,000 metres sonic drilling program at the
Wawa-Holdsworth Project announced on September 20, 2017 has been
completed. The program was undertaken to assess the vertical
distribution of the precious metals within the Oxide Sands. Assays
are pending for all 401 holes drilled.
Trenching and Channel Sampling at the
Reed-Booth ShowingThe Reed-Booth Showing is an exploration
target on the Wawa-Holdsworth Project (Figure 2). In addition to
the Oxide Sands, the Company continues to explore the area for lode
gold targets. On July 17, 2017 MacDonald announced that a grab
sample* containing 13.7 g/t gold was collected adjacent to the
Reed-Booth Showing, and grab samples* from float at the main
Reed-Booth Showing (considered representative of the main style of
mineralization at the showing) contained 4.77 g/t and 6.0 g/t
gold.
*Grab samples are selective and may not
represent the true mineralization of the prospect.
Figure 2. Location of Reed-Booth
Showinghttp://www.globenewswire.com/NewsRoom/AttachmentNg/c88a04be-076f-4f62-8f6b-72ef3ecb55c4
The Company has mobilized an excavator and is
conducting a trenching and channel sampling program in the area to
sample and assess the potential of the Showing and the associated
historical Reed Booth Mine.
Plans for Holdsworth Gold
ProjectThe Company intends to have an inferred resource
calculated on the Oxide Sands once all of the assay results have
been received. In addition to the Oxide Sands, MacDonald
Mines will also continue investigating the lode gold potential on
the property. The current channel sampling of the Reed Booth
Showing will be used to identify diamond drill targets. These
targets will be drilled this winter.
The Company is currently sufficiently financed
to complete these activities.
Overview of the Wawa-Holdsworth
Project
- Neighbouring Alamos' Island Gold Mine, Argonaut's Magino Gold
Project and Goldcorp’s Borden project
- Numerous gold showings with diversified mineralization styles
occurring in a 500 metres-wide deformation corridor
- Year-long road access and easy access to rail, road, electrical
power, labour force and suppliers
Historic work by previous operators defined
three gold targets on the Wawa-Holdsworth Project:
- Greenstone-hosted quartz-carbonate vein deposit (Soocana Vein
System and Reed-Booth Showing);
- BIF-hosted gold deposits (gold-bearing pyrite zones in an
Algoma-type iron formation);
- Gold-bearing Oxide Sands developed from the weathering of the
auriferous pyrite zones.
MacDonald Mines is focusing its near-term
exploration program on the Oxide Sands. These appear to extend for
more than 2 km on the property as corroborated by MacDonald’s
airborne magnetics results (see June 1, 2017 News Release) and
reach a depth of at least 8 metres.
Positive preliminary metallurgical results (see
July 11, 2017);
- The concentration ratio of gold in rougher flotation averaged
6.0:1
- The concentration ratio of silver in rougher flotation averaged
5.2:1
- Reduction of feed volume in rougher flotation by approximately
85-90%
- The Oxide Sands can be processed by a simple crushing/flotation
process
- No caustic treatments are necessary
- The processing will require low power requirements
- The waste material is inert (>70 percent silica/quartz)
The soft and relatively unconsolidated Oxide
Sands material can be extracted like an aggregate. The Company is
working to better define the Oxide Sands in preparation for their
potential extraction.
On-site Quality Assurance/Quality
Control (“QA/QC”) MeasuresSand samples were transported in
security-sealed bags for analyses to Activation Laboratories Ltd.
in Ancaster, Ontario. Individual samples are labeled, placed in
plastic sample bags and sealed. Groups of samples are then placed
into durable rice bags and then shipped. The remaining coarse
reject portions of the samples remain in storage if further work or
verification is needed.
MacDonald Mines has implemented a
quality-control program to comply with best practices in the
sampling and analysis of both the Oxide Sands and drill core. As
part of its QA/QC program, MacDonald Mines inserts external gold,
silver, platinum and palladium standards (low to high grade) and
blanks every 20 samples in addition to random standards, blanks,
and duplicates.
Qualified PersonQuentin Yarie,
P Geo. is the qualified person responsible for preparing,
supervising and approving the scientific and technical content of
this news release.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral
exploration company headquartered in Toronto, Ontario focused on
gold exploration in Canada. The Company has built a portfolio
of safe-jurisdiction, infrastructure-rich projects that demonstrate
the greatest market potential for return. The Company is
aggressively advancing its highly prospective Wawa-Holdsworth Gold
Project.
The Company's common shares trade on the TSX
Venture Exchange under the symbol "BMK".
To learn more about MacDonald Mines, please
visit www.macdonaldmines.com
For more information, please contact:
Quentin Yarie, President & CEO, (416)
364-4986, qyarie@macdonaldmines.com
Or Mia Boiridy, Investor Relations, (416)
364-4986, mboiridy@macdonaldmines.com
Cautionary Statement:
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. The foregoing information may contain
forward-looking statements relating to the future performance of
the Company. Forward-looking statements, specifically those
concerning future performance, are subject to certain risks and
uncertainties, and actual results may differ materially from the
Company’s plans and expectations. These plans, expectations, risks
and uncertainties are detailed herein and from time to time in the
filings made by the Company with the TSX Venture Exchange and
securities regulators. MacDonald Mines does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
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